Heterogeneity and Effectiveness of Fiscal and Monetary Policies

2023 Fiscal Year Final Research Report

• Project/Area Number: 20H01505
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Senshu University (2022-2023); Kansai University (2020-2021)
• Principal Investigator: Inaba Masaru 専修大学, 経済学部, 教授 (50611315)
• Co-Investigator(Kenkyū-buntansha): 奴田原 健悟 専修大学, 経済学部, 教授 (30553672) ; 大津 敬介 慶應義塾大学, 商学部(三田), 教授 (50514527) ; 高橋 修平 京都大学, 経済研究所, 准教授 (60645406)
• Project Period (FY): 2020-04-01 – 2024-03-31
• Keywords: 異質性 / 税制 / ラッファー曲線 / 個人固有のリスク / 労働ウェッジ / 構造ショック / 格差 / 景気循環会計

Outline of Final Research Achievements

In this study, we considered the effectiveness of economic policies such as tax, fiscal, and monetary policies with dynamic general equilibrium models that take into account various heterogeneities in the economy. First, we show that in models with household heterogeneity, the effects of tax reform and monetary policy, the shape of the Laffer curve, and the decomposition results for the business cycle differ from those of a representative agent model. Second, we show that the main factors that cause labor wedge fluctuations differ from those in existing studies by estimating a DSGE model using a new method that allows for the possibility of the absence of structural shocks. Finally, we develop a framework to factorize co-movement across prefectures and empirically show that there are imperfections in financial markets that prevent risk sharing in consumption.

Free Research Field

Macroeconomics

Academic Significance and Societal Importance of the Research Achievements

本研究のように、異質性に注目し、経済政策の有効性を多角的に検証した分析は、学術的独自性が高く、本研究による学術的・政策的な意義があるといえる。本研究で得られた結果により、様々な異質性の存在によって、代表的個人モデルによる分析から得られる結果とは、マクロ経済変動の要因や経済政策の効果が異なる可能性が高いことが示唆された。つまり、異質性を明示的に考慮することが、経済政策の運営のために重要であるといえる。